EUR/JPY POTENTIAL LONG!!!
TOP DOWN ANALYSIS
WEEKLY TIMEFRAME
It has been an exciting time! we have see quite descending channel showing downtrend for EUR/JPY.But recently we see break of structure in the weekly.showing momentum shifting to the upside and we shall see a good rally to around 123.000 which is our weekly extension level(taarget)
we also see a minor downward counter trend-line being broken. showing more upside potential
DAILY TIMEFRAME
so from the weekly perspective on the daily we see price perfectly respecting the 50% fib level (golden ratio) for retracement.nice retest of the broken resistance(lower structure) now becomes support and coincides with the fib level. all together giving confluence for potential bounce
H4 and H1 TIMEFRAME
We now see 2 "HIGHER LOWS" which when you extend our trend-line and perfectly respecting the third ''HIGHER LOW'' , Also to add more confirmation we see price respect the 61.8% fib level . addition of that we see price rejecting the trend-line plus
NOTE
Few weeks ago there was tremendous fakeout at price level=121.200 so put your eyes there!! in case it rejects
Target 1-120.900
Target 2-121.800
Happy trading and thanks for your support
WEEKLY TIMEFRAME
It has been an exciting time! we have see quite descending channel showing downtrend for EUR/JPY.But recently we see break of structure in the weekly.showing momentum shifting to the upside and we shall see a good rally to around 123.000 which is our weekly extension level(taarget)
we also see a minor downward counter trend-line being broken. showing more upside potential
DAILY TIMEFRAME
so from the weekly perspective on the daily we see price perfectly respecting the 50% fib level (golden ratio) for retracement.nice retest of the broken resistance(lower structure) now becomes support and coincides with the fib level. all together giving confluence for potential bounce
H4 and H1 TIMEFRAME
We now see 2 "HIGHER LOWS" which when you extend our trend-line and perfectly respecting the third ''HIGHER LOW'' , Also to add more confirmation we see price respect the 61.8% fib level . addition of that we see price rejecting the trend-line plus
NOTE
Few weeks ago there was tremendous fakeout at price level=121.200 so put your eyes there!! in case it rejects
Target 1-120.900
Target 2-121.800
Happy trading and thanks for your support
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